As a seasoned crypto investor who has weathered numerous market cycles, I find the recent Ethereum (ETH) dynamics quite intriguing. Last week’s 29% surge was a welcome sight, but its current stagnation, despite Bitcoin’s (BTC) 13% rally, leaves me a bit on edge – much like a cat watching a laser pointer dance just out of reach.
Over the past week, Ether (ETH) showcased a robust surge of approximately 29%, surpassing the $3,000 mark for the first time since August. Yet, despite this impressive growth, the bullish momentum I’ve been observing appears to have waned, even as Bitcoin (BTC) has experienced a 13% uptick in the recent days.
Despite Ethereum seeing just a 0.66% increase since November 11, the data indicates that large investors (whales) view the current price level as a favorable moment to build up their holdings for long-term investment purposes.
“Fresh” Ethereum whale buys $23.44 million in ETH
During the third quarter, there was a significant increase in whale interactions within the Ethereum network, with numerous whales selling large amounts of ETH to the market. However, as ETH prices soared by 23% during Q4, a fresh whale account has emerged.
As an analyst, I recently noticed through Lookonchain, an on-chain wallet tracker, that a new, substantial Ethereum (ETH) wallet has amassed approximately 7,389.5 ETH, equivalent to around $23.44 million, within the past 24 hours.
Starting on November 9th, this specific wallet has been actively purchasing Ethereum (ETH). To date, it has acquired more than 18,000 ETH, with an average cost per token at roughly $3,201. At present, the total worth of these ETH holdings amounts to approximately $57.8 million.
It’s worth noting that this wallet contains solely Ethereum and a substantial amount of Tether (USDT), totaling $19.3 million. Given these holdings, it seems plausible that the ‘whale’ could be looking to acquire more Ethereum if suitable price drops arise.
Earlier reports by CryptoMoon revealed that a cryptocurrency investor who purchased Ethereum (ETH) back in 2016 reaped an astounding 80,000% return, amassing over $30 million from an initial investment of just $38,000. This substantial amount was moved out in a single transaction when ETH prices were approximately $2,777 per coin on the blockchain.
In my analysis, I’ve discovered another Ethereum address that accumulated approximately 23,743 ETH between August 2017 and November 2018, with an average price of around $11. Notably, on November 14th, this address transferred a significant amount of 6,250 ETH, equivalent to about $20 million, to the Kraken exchange.
Ethereum ICO whales have a record of selling their ETH holdings on Kraken based on past activity.
Ethereum faces “stiff resistance” at $3,500
This week, Bitcoin has seen its price rise as it explores new valuations. Meanwhile, Ethereum hasn’t managed to surpass its old peak from 2021. Consequently, the cryptocurrency is facing resistance from above, and this continues to be significant for understanding its current position at around $4,878.
As a researcher delving into the world of cryptocurrencies, I’ve noticed an interesting pattern recently. Eddie, an independent trader, pointed out that the surge in ETH’s price to $3,450 appears to have aligned precisely with the 0.618 Fibonacci retracement level. This level was calculated based on Ethereum’s all-time high and its lowest point in 2022. Moreover, this Fibonacci level seems to coincide with a supply zone, ranging from $3,550 to $3,050.
The trader added,
“$ETH facing stiff resistance at the start of the next significant supply zone 3100-3500, expect more price work to get through it.”
Viewing it technically, Ethereum has ended its recent daily periods with a decline, and it seems poised to revisit the price range gap (PRG) of around $3,072 and $2,987 that appeared on the daily graph.
The previously mentioned period shows an order block and backing from the 50 Exponential Moving Average (EMA) on the four-hour chart. This suggests that Ethereum could potentially rebound from the $3,000 zone if it manages to regain its initial bullish energy.
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2024-11-14 22:58